Luis Herrera Campins

Luis Herrera Campins ( born May 4, 1925 in Acarigua ( Portuguesa ), † 9 November 2007 in Caracas ) was 1979-1984 President of Venezuela. He was a member of the Christian Democratic party COPEI.

Oil "crisis"

Triggered by the Iran -Iraq War Second oil crisis experienced in oil producer Venezuela during Campíns ' tenure as gold rush -like; Oil prices tripled. Nevertheless, the government did not get the foreign debt under control, partly because the price of oil from 1983 broke again.

Already since 1979 the economy stagnated and slipped into recession shortly thereafter. On February 18, 1983, the Bolivar was devalued (the old rate of 4.3 Bolivar per dollar was replaced by a system of multiple exchange rates ), a massive capital flight set in, and the foreign debt of Venezuela rose early in 1983 to 30 billion U.S. dollars.